Neil Young's PonoMusic is a hit on Kickstarter

Rock and Roll Hall of Famer Neil Young turned to the people to help fund his PonoMusic project, via the crowdfunding platform Kickstarter

And they have definitely responded, making PonoMusic one of the most successful campaigns in Kickstarter history. It had raised some $5.75 million -- the third highest tally ever recorded on Kickstarter -- as of Thursday, according to a news release.

PonoMusic is a high-resolution music service, intended to provide a vastly improved listening experience than what most music lovers are currently getting through digital downloads and streaming sites.

The original goal for the Kickstarter campaign was to raise $800,000 -- which PonoMusic surpassed just hours after going live on the site on March 11. In just one day's time, PonoMusic had raised $2 million. The Kickstarter campaign ends at 10:30 a.m. (PST) on Tuesday.

The main components of the service are the PonoPlayer -- the device that actually plays the songs -- and the PonoMusic online store. The PonoPlayer has 128GB of memory and can store 1000-2000 high-resolution digital-music albums. The PonoPlayer will be sold for $399 at www.ponomusic.com.

Young officially introduced PonoMusic to the public in March at the mammoth South by Southwest festival in Austin, Texas.